Tag Archives: Inspection

Field Asset Services (FAS) announced Tuesday the kickoff of the company's first annual vendor conference titled FAS and FURIOUS! in Dallas, Texas. More than 1,000 REO and property preservation professionals from all over the country, representing over 600 companies, will converge in Dallas to take part in FAS's inaugural vendor conference.

Clear Capital announced Thursday the appointments of Gabriel Nacht as CFO and Brian Wick as VP of marketing. Both individuals bring more than 24 years of experience to their positions with the company. A few weeks ago, Clear Capital also announced the appointment of Erik Lundquist to head its commercial valuations team, and the company says it's looking to add further to its staff, with a number of key positions currently available.

Integrated Mortgage Solutions (IMS) now offers a cost-effective, long-term solution to defective drywall, a problem that has plagued thousands of homes, particularly along the Gulf Coast. The term defective drywall refers to a type of drywall that releases sulfur compounds, especially in warm, moist climates. Salvaging a home with defective drywall required major reconstruction to replace all the drywall in the structure, but IMS now offers an on-location solution that requires about one-third of the time and about one-half of the cost of traditional methods.

Mortgage Contracting Services LLC (MCS), a nationwide provider of property preservation, inspections, and REO property maintenance, announced Monday that Marc Hinkle has joined the company as SVP of strategic initiatives. In this position, he will focus on enhancing the client experience and integrating new technologies. Hinkle joins MCS after more than 17 years at PHH Mortgage, most recently as VP and servicing manager.

The Federal Housing Finance Agency (FHFA) has signed off on several headline-grabbing arrangements between major lenders and the GSEs to reconcile loan repurchase claims. The results of an investigation released this week, however, indicate approval was made in haste. In response, FHFA has put the brakes on any future repurchase settlements pending further examination of the process in place to assess the true cost of such deals for taxpayer-funded Fannie Mae and Freddie Mac.

According to the Federal Housing Finance Agency Office of Inspector General (FHFA-OIG), FHFA's examination process is not up to par. FHFA-OIG says it has identified shortfalls in the agency's examination coverage, particularly in the areas of real estate owned (REO) and default-related legal services. In fact, the inspector general says FHFA has not conducted an examination of the GSEs' management of their REO inventories, despite the surging number of foreclosures, since 2007.

Veros Real Estate Solutions and JVI Solutions LLC announced the launch of VeroINSIGHT this week. It&'s a comprehensive property condition report to address new regulatory guidance surrounding collateral evaluations. According to the two companies, VeroINSIGHT goes beyond existing collateral evaluation products by uniformly capturing aspects of the property's current condition, as well as its general marketability.

Field Asset Services (FAS), a nationwide provider of field services to the REO industry, announced the availability of a new pre-foreclosure service called Avert this week. The company explained that by utilizing integrated technology and building on FAS's experienced staff, Avert offers banks and servicers, for the first time, a single source solution to reduce default expenses and avoid foreclosures.

Safeguard Properties recently announced two key promotions within its management team. Kathy Cogan has been promoted to the new position of assistant vice president of account management, reporting directly to Safeguard CEO Alan Jaffa. Bryan Moledor has been promoted to director of REO account management in the expanded account management and customer service department within the REO service line.

Spectrum Field Services Inc. provides financial institutions across the country with specialized REO preservation and specialty inspection services. Spectrum has been using the third-party certification technology from Pruvan to offer select clients proof-of-performance reporting on inspections since early 2011. Based on the results it's seen so far, Spectrum has decided to extend the service to all of its customers.